What is banking?
Banking can be defined as the business activity of accepting and safeguarding money owned by individuals and other entities, and then lending out this money to make a profit.
Nowadays, banks can provide issuance of debit and credit cards, providing safe custody of valuable items, ATM services, and online transfers of funds across the world to personal clients.
Banks form an important part of the financial services sector, they provide day to day business banking services, payments, and lending facilities via overdrafts, loans, or credit facilities of varying degrees of complexity.
Bankers try to maximise the profit of a bank while maintaining appropriate risk levels and protecting your clients.
Banking in financial services
The banking industry is very diverse, with more than 20 bank branches and subsidiaries located in Jersey and they include nearly half of the top 25 banks in the world, by Tier 1 Capital, providing domestic banking services on the high street, as well as many others concerned with providing services to customers residing across the globe.
In addition to high street banking, there is private banking which manage the deposits and investments of wealthy individuals. Corporate and institutional banking also exist, where the customers are generally other banks, financial institutions, multinational companies and corporate businesses across the world.
There are many opportunities to join the many global banking organisations based in Jersey and work locally, travel abroad and/or relocate internationally. Due to the size and global nature of banks you often have the opportunity to progress through the organisation or change the area / type of clients you serve while staying with the same bank. In Jersey, you could work in any of the following areas:
- Branches and contact centres
- Client relationship management
- Supporting areas such as data processing, projects, human resources, or technology support
- Financial planning including mortgages, insurance, investments, and pensions
- Financial control including reporting, auditing, and reconciliation
- Risk and compliance including fraud and anti money laundering
- Marketing, communications, and PR
What skills do you need?
- Communication and interpersonal skills
- Numerical and analytical skills
- Excellent teamwork and team leadership skills
- Project and time management ability
- The ability to work under pressure and cope well in stressful situations
Qualifications to consider
- Relevant degree
- Relevant work experience
- Many local employers offer entry-level/graduate programmes with training opportunities
Some career opportunities may include but are not limited to:
- Retail, International, Private, Corporate, or Institutional Client Relationship Manager
- Financial Control
- Investment Advisor
- Mortgage Adviser
- Risk or Compliance
- Marketing, Communications, and PR
Nicolle Maltwood Ecosystem Manager, Barclays
"My role of Ecosystem Manager is a varied one and not a role you would usually find within Finance. With the world evolving to working more online and innovation being at the forefront I help local businesses no matter how big or small to realise their own innovation ambitions. This enables me to spend all of my time with clients helping each of them to create, innovate and grow which in turn helps the whole island to prosper. Working with teams within Barclays to help with banking, industry 4.0 and business development to name a few I get to meet different teams as well as travel to and from the UK to bring new expertise and ideas to the island. It’s a role I love and one that is very unique to Barclays. Something I always share when meeting new clients is working in finance is not always what you expect!"
Daniel Kitchen Manager, Butterfield Bank
“I thrive in a challenging and fast-paced environment. My role in Operations and Credit Risk has allowed me to take on additional responsibility and strengthen my leadership skills. The variety of work at Butterfield coupled with my inquisitive mind, means I am constantly broadening my knowledge of the financial services industry and looking for ways to help the Bank grow. I am inspired to think both creatively and practically about how or why I am carrying out tasks, to ensure I work as efficiently as possible. I seek out opportunities to further my understanding through qualifications and new experiences, and I am grateful to be part of a team that encourages my professional development. One of the most satisfying aspects of my job is collaborating with my team to create solutions that address our clients’ unique needs, and which uphold the Bank’s reputation for providing a truly personalised service.”
Tyler Johnson Lead Project Manager, Lloyds Bank
"I’m originally from Plymouth and studied Philosophy at Exeter University. Following uni, my first fulltime role was as a cashier at NatWest before undertaking placements in Digital Banking, Retail Business Banking and Private Clients teams as part of Lloyds Banking Group’s graduate scheme. I came to Jersey on placement with our Community Banking team and since then have been working in Change/Transformation, working on regulatory or strategic change initiatives. The good thing about Change is that each piece of work can feel like a new role due to working with different people or on areas you have not had much experience on before. Similarly, some projects need you to roll your sleeves up and become an SME in a topic while others require co-ordination of groups around larger delivery plans. My time is mainly split between creating plans to deliver the project, tracking the delivery of this plan and solving any problems that may arise."